VR-M: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
VR-M
Largest movements
- Cash +€438,111
up €438,111 (+276.6%), from €158,368 to €596,479
mainly Current investments (+€243,403) and Net result for the year (+€143,642)
- Current investments -€243,403
down €243,403 (-27.6%), from €881,723 to €638,320
- Receivables within one year -€44,609
down €44,609 (-48.9%), from €91,247 to €46,637
- Tangible fixed assets -€20,055
down €20,055 (-34.1%), from €58,770 to €38,715
of which Furniture and vehicles: -€21,737
- Reserves +€143,642
up €143,642 (+13.3%), from €1.1m to €1.2m
of which Distributable reserves: +€185,742
- Gross operating margin -€121,031
down €121,031 (-36.2%), from €334,216 to €213,185
- Taxes -€40,758
down €40,758 (-39.5%), from €103,216 to €62,457
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,195,097 | €1,327,814 | +€132,717 | +11.1% |
| Fixed assets | 21/28 | €58,770 | €38,715 | -€20,055 | -34.1% |
| Tangible fixed assets | 22/27 | €58,770 | €38,715 | -€20,055 | -34.1% |
| Plant, machinery and equipment | 23 | €1,681 | €3,364 | +€1,683 | +100.1% |
| Furniture and vehicles | 24 | €57,089 | €35,352 | -€21,737 | -38.1% |
| Current assets | 29/58 | €1,136,327 | €1,289,098 | +€152,772 | +13.4% |
| Amounts receivable within one year | 40/41 | €91,247 | €46,637 | -€44,609 | -48.9% |
| Trade receivables | 40 | €91,247 | €46,637 | -€44,609 | -48.9% |
| Current investments | 50/53 | €881,723 | €638,320 | -€243,403 | -27.6% |
| Cash at bank and in hand | 54/58 | €158,368 | €596,479 | +€438,111 | +276.6% |
| Deferred charges and accrued income | 490/1 | €4,989 | €7,662 | +€2,673 | +53.6% |
| Total equity and liabilities | 10/49 | €1,195,097 | €1,327,814 | +€132,717 | +11.1% |
| Equity | 10/15 | €1,091,322 | €1,234,965 | +€143,642 | +13.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,078,922 | €1,222,565 | +€143,642 | +13.3% |
| Tax-exempt reserves | 132 | €42,100 | €0 | -€42,100 | -100.0% |
| Distributable reserves | 133 | €1,036,822 | €1,222,565 | +€185,742 | +17.9% |
| Amounts payable | 17/49 | €103,774 | €92,849 | -€10,925 | -10.5% |
| Amounts payable within one year | 42/48 | €102,812 | €91,985 | -€10,827 | -10.5% |
| Trade debts | 44 | €15,293 | €16,068 | +€775 | +5.1% |
| Suppliers | 440/4 | €15,293 | €16,068 | +€775 | +5.1% |
| Taxes, remuneration and social security | 45 | €75,869 | €63,167 | -€12,702 | -16.7% |
| Taxes | 450/3 | €74,119 | €63,167 | -€10,952 | -14.8% |
| Remuneration and social security | 454/9 | €1,750 | €0 | -€1,750 | -100.0% |
| Other amounts payable | 47/48 | €11,650 | €12,750 | +€1,100 | +9.4% |
| Accrued charges and deferred income | 492/3 | €962 | €864 | -€98 | -10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,837 | €22,112 | +€2,275 | +11.5% |
| Other operating charges | 640/8 | €1,522 | €2,720 | +€1,198 | +78.7% |
| Gross operating margin | 9900 | €334,216 | €213,185 | -€121,031 | -36.2% |
| Operating profit (loss) | 9901 | €312,857 | €188,353 | -€124,504 | -39.8% |
| Financial income | 75/76B | €20,614 | €18,873 | -€1,741 | -8.4% |
| Recurring financial income | 75 | €20,614 | €18,873 | -€1,741 | -8.4% |
| Financial charges | 65/66B | €1,921 | €1,127 | -€794 | -41.3% |
| Recurring financial charges | 65 | €1,921 | €1,127 | -€794 | -41.3% |
| Profit (loss) for the period before taxes | 9903 | €331,551 | €206,100 | -€125,451 | -37.8% |
| Income taxes | 67/77 | €103,216 | €62,457 | -€40,758 | -39.5% |
| Profit (loss) for the period | 9904 | €228,335 | €143,642 | -€84,693 | -37.1% |
| Transfer from tax-exempt reserves | 789 | - | €42,100 | +€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €228,335 | €185,742 | -€42,593 | -18.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.